Do many Professionals plan Contracts?
Out of 249 Contracts Professionals surveyed, 86% indicated that they either don’t plan a Contract before drafting, or that they don’t know how to plan a Contract.Whose job is it to plan the Contract?
Of those 86%, over half (50%+) believed that it was the Lawyer’s job to plan the Contract, not the role of the Contracts Professional.Why you should plan a Contract before drafting
There are many reasons why you should plan a Contract before you begin drafting. Here are some of the main ones:
| Key Benefits of Contract Planning | Explanation |
1. | Increases Efficiency | Proper planning and preparation saves time in the long run and minimises unforeseen issues. |
2. | Improves Procurement Outcomes | Better terms, identified risks, and maximum benefit for both parties. |
3. | Clears Obligations and Rights | All parties have a clear understanding of their responsibilities. |
4. | Reduces Risk of Disputes | Identifies potential conflicts and misunderstandings before they become a problem. |
5. | Achieves Goals | Opportunity to set goals and determine terms that will help reach those goals. |
6. | Meets Parties’ Needs | Ensures agreement meets the needs of all parties involved. |
7. | Clarifies Expectations | Communicates responsibilities to all parties and increases chances of success. |
8. | Addresses Risks | Identifies potential risks and includes clauses to address them. |
9. | Proactive Anticipation | Anticipates potential issues and includes clauses to address them. |
10. | Compliant with Laws | Ensures compliance with local, state, and federal laws. |
11. | Better Negotiations | Facilitates better negotiation and decision making. |
12. | Builds Relationships | Helps build a better business relationship between parties. |
13. | Enhances Legal Protection | Comprehensive and up-to-date contracts enhance legal protection. |
14. | Increases Success Chances | Increases the chances of a successful outcome and provides peace of mind. |
15. | Offers Flexibility | Provides flexibility in case of changes. |
Check out our Contract Planning Guide for more information about:
- Contract Planning;
- Why Contract Planning is so important;
- How to plan a Contract (whether you are a Contracts Professional or a Lawyer); and
- How to work with your Lawyer to plan the Contract.